Reuters: US Dollar Report: TIMELINE-European ministerial meetings in 2011/2012

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TIMELINE-European ministerial meetings in 2011/2012 Jun 27th 2012, 14:51 June 27 | Wed Jun 27, 2012 10:51am EDT June 27 (Reuters) - Following is a look at some of the major meetings in the euro zone debt crisis since 2011 and the agreements reached: March 12, 2011 - Euro zone leaders agree to raise the bailout fund, the European Financial Stability Facility, to 440 billion euros ($600 billion) from 250 billion, but leave it to finance ministers to work out how. May 16 - Euro zone finance ministers meet in Brussels. - Ministers approve a 78 billion euro bailout for Portugal but insist that Lisbon ask private bondholders to maintain their exposure to its debt. May 17 - European Union finance ministers meet in Brussels. - Europe's top financial officials acknowledge for the first time that Greece may have to restructure its debts. June 23, 24 - Summit of EU leaders in Brussels. - Euro zone leaders endorse treaty setting up the European Stability Mechanism (ESM) - a permanent mechanism for resolving sovereign debt crises - from mid-2013. Sept. 16, 17 - Informal meeting of ministers and central bank governors in Wroclaw, Poland. - EU finance ministers break no new ground in dealing with the euro zone debt crisis. U.S. Treasury Secretary Timothy Geithner makes an appearance and urges Germany to provide more fiscal stimulus for the euro zone. Oct. 26-27 - Euro zone leaders strike a deal with private banks and insurers for them to accept a 50 percent loss on their Greek government bonds as part of a plan to lower Greece's debt. Agreement is reached after more than eight hours of talks. - Leaders also agree to scale up the EFSF to about 1 trillion euros and to recapitalise European banks to an estimated 106 billion euros ($147 billion). Dec. 5 - German Chancellor Angela Merkel and French President Nicolas Sarkozy meet in France. - They float a proposal for a euro zone "fiscal compact" to enforce budget discipline across the 17-nation bloc. Dec. 8 - The ECB announces unprecedented action to support Europe's cash-starved banks with three-year liquidity tenders, easier collateral rules and cutting interest rates back to a record low 1.0 percent. - However, ECB President Mario Draghi discourages expectations that the bank will massively step up buying of government bonds if European Union leaders agree on moves towards closer fiscal union at a crucial Brussels summit. Dec. 8/9 - Crisis summit of EU heads of state and government in Brussels. Sarkozy and Merkel lay out their plan to impose mandatory penalties on euro states that exceed deficit targets. - Twenty-three of the 27 leaders agree to pursue tighter integration with stricter budget rules for the single currency area, but Britain says it cannot accept proposed amendments to the EU treaty after failing to secure concessions for itself. Jan. 30, 2012 - Summit of EU heads of state and government in Brussels, to discuss "fiscal compact" on tighter budgetary controls and the euro zone's permanent bailout fund. Feb. 21 - Euro zone finance ministers meeting. Finance ministers and private sector representatives finalise a deal to provide 130 billion euros of new financing to Greece in return for cuts and reforms. - The deal relies on private creditors accepting a loss on the nominal value of their holdings of more than 53 percent, which would help reduce Greece's debt by 100 billion euros. March 1/2 - Summit of EU heads of state and government in Brussels - the first meeting at which the euro zone debt crisis does not eclipse all else. May 23 - Summit of EU heads of state and government in Brussels. - After nearly six hours of talks during an informal dinner, leaders say they are committed to Greece remaining in the euro zone, but it has to stick to its side of the bargain. At his first EU summit, new French President Francois Hollande makes a stand on euro bonds - issuing common euro zone debt - despite consistent German opposition to the idea. No major decisions are made. June 22 - German Chancellor Angela Merkel resists pressure for common euro zone bonds or a more flexible use of Europe's rescue funds but agrees with leaders of France, Italy and Spain on a 130 billion-euro ($156 billion) package to revive growth. -- After four-way talks in Rome's Villa Madama, Italian Prime Minister Mario Monti says the EU should adopt pro-growth measures worth about 1 percent of the region's GDP at the June 28 summit. June 28 - EU leaders meet for their 20th summit. Link this Share this Digg this Email Reprints

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